News & Insights: michael l mcnee

Nonprofit Alert: International Fraud Awareness Week and 10 Signs of Nonprofit Fraud


By Michael McNee |  John D'Amico  |  November 16, 2017

It's International Fraud Awareness Week and Marks Paneth is doing its part to drive awareness!

Amendments to New York Nonprofit Revitalization Act of 2013 are now in effect


By Michael McNee |  John D'Amico  |  July 6, 2017

On November 28, 2016, additional amendments (the “2016 Amendment”) to the New York Nonprofit Revitalization Act of 2013 (the “NPRA”) were signed into the New York Not-for-Profit Corporation Law (“NPCL”). The 2016 Amendment is intended to “improve and make clarifying amendments” in order to “correct certain inconsistencies, and make the statute operate more smoothly and efficiently.”

Nonprofit Agendas - February, 2017


By Michael McNee  |  February 14, 2017


Nonprofit Agendas - October, 2016


By Michael McNee  |  October 7, 2016


Nonprofit Agendas - July, 2016


By Michael McNee  |  July 19, 2016

Marks Paneth has published the latest issue of Nonprofit Agendas.

Nonprofit Agendas - May, 2016


By Michael McNee  |  May 4, 2016

Marks Paneth has published the latest issue of Nonprofit Agendas.

Nonprofit Agendas - March, 2016


By Michael McNee  |  March 2, 2016

Marks Paneth has published the latest issue of Nonprofit Agendas.

Nonprofit Revitalization: Checklist for Compliance


By Michael McNee  |  February 24, 2016

New York State has a law pertaining to nonprofits called the Nonprofit Revitalization Act of 2013. It was signed by Governor Cuomo on December 18, 2013 and most provisions were effective on July 1, 2014. Marks Paneth has developed a self-administered checklist you can use to help with the process of verifying compliance for your organization.

 

Nonprofit Agendas - December, 2015


By Michael McNee  |  December 8, 2015

Marks Paneth has published the latest issue of Nonprofit Agendas.

Nonprofit Pulse: A Leadership Survey from Marks Paneth


By Michael McNee  |  October 28, 2015

Marks Paneth is proud to service many leading nonprofits.  To gain insights that will be useful and interesting to these organizations, and to help us meet their audit and other business needs, we regularly survey the leadership to top nonprofits around the country.  Topics span a range of issues organization leaders face or are concerned about.

Our most recent survey of nonprofit chief executives officers, executive directors, presidents, chief financial officers and board members was fielded during the second half of 2015.

Nonprofit Agendas - October, 2015


By Michael McNee  |  October 7, 2015

Marks Paneth has published the latest issue of Nonprofit Agendas.

FASB Roundtable on Proposed Nonprofit Accounting Standards


By Michael McNee  |  September 28, 2015

Marks Paneth was invited to attend one of two FASB roundtable meetings held on September 21 to discuss our views with the FASB Board and their technical managers on the Proposed Accounting Standard update (exposure draft) which suggests major revisions to the way nonprofit financials will look in the future.

Nonprofit Agendas - August, 2015


By Michael McNee  |  August 14, 2015

Marks Paneth has published the latest issue of Nonprofit Agendas

Uniform Guidance (Formerly A-133) for Federal Award Programs


By Michael McNee  |  June 26, 2015

The Office of Management and Budget recently published Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. This guidance supersedes several OMB Circulars that govern federal awards, including the Circulars that affect non-profits, such as Circular A-110 and A-122. These new regulations are commonly called “Uniform Guidance” or “UG”.

Nonprofit Agendas, April 2015


By Michael McNee  |  April 21, 2015

Marks Paneth has published the latest issue of Nonprofit Agendas

Executive Summary: Exploring the Financial and Governance Ingredients for Nonprofit Stability


By Michael McNee  |  April 2, 2015

Executives from the nonprofit world convened at Marks Paneth recently for a seminar co-sponsored by Charity Navigator, a nonprofit charity watchdog group. Using the financial collapse of the Federation Employment and Guidance Services (FEGS), as a backdrop, the seminar explored issues related to fraud, governance, reporting transparency and operational sustainability – and underscored practices and safeguards that can protect nonprofits.

Nonprofit Pulse: A Leadership Survey from Marks Paneth


By Michael McNee  |  March 30, 2015

The Nonprofit Pulse: A Leadership Study from Marks Paneth represents the findings of a survey of nonprofit leaders in the United States. The 103 professionals participating in the research include Board Chairs, Presidents, Executive Directors, Chief Executive Officers, Chief Financial Officers, Treasurers, Chief Operating Officers, Development Directors, Vice Presidents and Board members and are with organizations with annual budgets between $10 million and $100 million. The research employed self-administered questionnaires completed online by respondents. The national list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of November 12 to December 31, 2014.

Marks Paneth Nonprofit Agendas, February 2015


By Michael McNee  |  February 13, 2015


MARKS PANETH NONPROFIT AGENDAS DECEMBER 2014


By Michael McNee  |  December 4, 2014


MARKS PANETH NONPROFIT AGENDAS OCTOBER 2014


By Michael McNee  |  October 27, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the October issue

MARKS PANETH NONPROFIT AGENDAS SEPTEMBER 2014


By Michael McNee  |  September 17, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the September issue

Marks Paneth Nonprofit Agendas July 2014


By Michael McNee  |  July 28, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the July issue

NonProfit Agendas, May 2014


By Michael McNee  |  May 19, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the May issue

Marks Paneth Nonprofit Agendas February 2014


By Michael McNee  |  February 19, 2014

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the February issue

NonProfit Agendas, November 2013


By Michael McNee  |  November 25, 2013

Marks Paneth has just published the latest issue of Nonprofit Agendas. Click below for the November issue.

Nonprofit Agendas, September 2013


By Michael McNee  |  September 19, 2013

Marks Paneth has just published the latest issue of Nonprofit Agendas. Click below for the September issue.

Nonprofit Revitalization Is Here. Is Your Organization Ready?


By Michael McNee  |  July 16, 2013

New York State Attorney General Eric T. Schneiderman’s initiative called the Nonprofit Revitalization Act (the Act) represents the most sweeping changes in New York State’s nonprofit law in 40 years. The law is a balance between less red tape and more oversight by the Attorney General. It considerably increases liability of Board members and scrutiny of Board actions. With the new Act, it’s time for a routine checkup of your organization’s governance policies.

Nonprofit Agendas, May 2013


By Michael McNee  |  May 9, 2013

Marks Paneth has just published the latest issue of Nonprofit Agendas. Click below for the May issue.

Nonprofit Agendas, February 2013


By Michael McNee  |  February 25, 2013

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the February issue.

Nonproft Agendas, December 2012


By Michael McNee  |  December 20, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas.  Click below for the December issue.

Nonprofit Agendas, November 2012


By Michael McNee  |  November 15, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the November issue.

Nonprofit Agendas, October 2012


By Michael McNee  |  October 17, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the October issue.

Nonprofit Agendas, August 2012


By Michael McNee  |  August 27, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the August issue.

Nonprofit Agendas, July 2012


By Michael McNee  |  July 27, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the July issue.

Nonprofit Agendas, June 2012


By Michael McNee  |  June 1, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the June issue.

Nonprofit Agendas, April 2012


By Michael McNee  |  May 2, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the April issue.

Nonprofit Agendas, January 2012


By Michael McNee  |  January 19, 2012

Marks Paneth has published the latest issue of Nonprofit Agendas. Click below for the January issue.

Endowment Accounting under FASB Topic 958-205 (Formerly FSP 117-1) and NYPMIFA


By Michael McNee  |  August 14, 2011

A PREAMBLE NYPMIFA calls for: Prudence, donor notification and investment management. As the Beatles said, "Dear Prudence, won't you come out and play?" Do not mistake NYPMIFA and FASB 958-205 for being the same. Legal issues and accounting issues do not always agree. In legal terms, as it relates to endowments, you can "borrow", but you can't "steal". In accounting terms, you can't "hide".

EXAMPLES OF ENDOWMENT RESTRICTIONS

  • True endowment with no use restriction-My contribution should be kept intact and the income is to be used for the organization.
  • True endowment with use restriction-same as above except the income from the contribution is to be used for supplies for the organization.
  • Endowment for a term of years-keep the gift intact for 20 years, during which time the income is for supplies and after 20 years, the gift has no restrictions.

Nonprofit Alert: New Update from Office of the Medicaid Inspector General (OMIG) Tightens Compliance


By Michael McNee  |  November 23, 2009

As of October 1, 2009, The Office of the Medicaid Inspector General (OMIG) now requires all organizations that rely on Medicaid reimbursements to ensure that all persons, providers and affiliates providing care, services or supplies under Medicaid be in good standing and eligible to receive payment.

Marks Paneth & Shron LLP Nonprofit Group Authors Alert on Alternative Investment


By Michael McNee |  Robert Lyons  |  December 16, 2008

The most recent Marks Paneth Nonprofit and Government Group Alert discusses the tax implications that apply to common alternative investments made by exempt organizations, as well as the reporting requirements and questions organizations should consider before making investment decisions.

Marks Paneth & Shron LLP Nonprofit Group Authors Alert on Campaign Intervention


By Michael McNee |  Robert Lyons  |  September 1, 2008

During election years, the Internal Revenue Service takes a keen interest in whether charitable (501(c)(3)) organizations are intervening in political activities. This is particularly relevant in Presidential campaign years. One common characteristic to most charitable organizations is a passion about their respective causes. Since candidates for office are generally "issues" oriented, it is understandable that organizations, particularly those involved in advocacy for a cause, want to support the candidate that supports their position.

Marks Paneth & Shron LLP Nonprofit Alert, June 2008


By Michael McNee |  Robert Lyons  |  June 1, 2008

On May 5, 2004 IRS issued Letter Ruling 200435020 in response to a charitable organization’s treatment of certain real estate transactions, credit cards, meals, gasoline, miscellaneous charges and cell phones.

Nonprofit Investment Committees: Buyer Beware


By Michael McNee  |  March 5, 2008

Increasingly, nonprofits are moving into alternative investments: private investment funds, hedge funds, real estate funds, venture capital funds, oil, and gas funds. The goal is generally higher returns and diversification.

A Brave New World for a New Form 990


By Michael McNee |  Robert Lyons  |  February 1, 2008

On February 29, 2008, Michael McNee and Robert Lyons of the Nonprofit and Government Services Group presented a webinar entitled "A Brave New World for a New Form 990." This event discussed significant IRS changes to Form 990 and what they mean for the industry.

Auditing Alternative Investments


By Michael McNee  |  January 1, 2008

Auditing alternative investments presents unique challenges. As an auditor, it is critical to evaluate processes used by your clients to help support valuation and existence assertions in the financials.